Search brisbanetimes:

Game's up: Bullets closed down

Marc Fox | June 30, 2008 - 11:09AM

The Brisbane Bullets' fruitless search for a new owner has been
terminated by today's news Eddy Groves will return the club's
licence to the NBL.

Supporters of the foundation franchise have endured a
gut-wrenching series of aborted takeover bids since Groves
announced in March he would end his nine-year relationship with the
club to fully concentrate on his ABC Learning Centres group.

"Initial indications suggested that there were some viable
buyers, including the (Kemp-led) group previously announced,"
Groves said in a statement today.

"(But) after their withdrawal, and with a very short window to
work with ... the only remaining option is to hand the Bullets'
license back to the NBL."

A consortium led by David Kemp was initially believed to have
the funds to support a viable takeover last month.

But despite bringing in Brian Kerle as general manager and
making moves to sign and re-sign a number of players, Kemp walked
away citing the reluctance of major sponsors Virgin Blue to commit
as a dealbreaker.

Earlier this month, businesswoman Sarina Russo emerged as
another contender to take on the troubled brand before suggesting
the numbers just didn't add up.

Then over the past week Brisbane basketball identity Brian
Stephenson was being heralded as the club's latest saviour, but his
interest has also failed to materialise.

Groves aimed a shot at the Queensland government and local
corporates for snubbing any rescue package, saying "in the absence
of any government assistance or major commercial interest" all
signs pointed to handing back the Bullets' licence.

However, he refused to blame the NBL after suffering a torrid
past month during which the Sydney Kings licence has also been
returned to the game's governing body.

"The NBL itself has challenges on its hands that may have
prevented it from showing the flexibility and total interest that
was required to ensure the Bullets would be part of their future,"
said Groves.

"There had been positive signs in recent weeks that the Bullets
would be able to find a new owner, but they simply could not
deliver the financial guarantees required by the league for a
licence transfer," said Harmison.

"Given how close we are now to the start of the new NBL campaign
in September, there is now no realistic possibility that the
Bullets will be part of season 2008/09."

However, he praised Groves' efforts over his Bullets tenure.

"Eddy Groves has been a fantastic owner," Harmison said. "We
thank him for his efforts as both an owner, and as a sponsor of the
league and wish him all the best as he switches his focus to his
core business.

"Whilst this is a very sad day for Bullets fans and the NBL, we
take heart from the fact that we continue to have three strong
teams representing the state of Queensland in the league.

"With the uncertainty surrounding the Bullets now resolved, and
a final outcome regarding the second Sydney team expected this
week, we can now move forward to prepare for the 2008/09
season."